1 The Polaris Company uses a job-order costing system. The following transactions occurred in October 5 points Skipped a. Raw materials purchased on account. $210,000. b. Raw materials used in production, $190,000 ($152.000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost. eBook Hint Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $33,000. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Ch 3 Saved Help Save Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Raw materials purchased on account, $210,000. Note: Enter debits before credits Transaction General Journal Debit Credit a. View general journal Clear entry Record entry View transaction list X 1 Raw materials purchased on account, $210,000. 1 2 Record the raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). 3 Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $22,000. Credit 4 Depreciation recorded on factory equipment, $105,000. 5 Other manufacturing overhead costs accrued during October, $131,000. 6 The company applies manufacturing overhead cost to mradiation on the hacie oft har machine hat Attal Note: = journal entry has been entered View general journa Clear entry Record entry d View transaction list X: - ---- 5 Other manufacturing overhead costs accrued during October, $131,000. 6 The company applies manufacturing overhead cost to production on the basis of $6 per machine-hour. A total of 76,300 machine-hours were recorded for October Credit es 7 Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8 Record the cost of goods sold. 9 Record the sales on account. Note: = journal entry has been entered View general journal Clear entry Record entry PILS Connect Connect Saved Help Save & Exit Ch 3 Check 76,300 machine-hours were used in October g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $33,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $33,000. Work in Process Manufacturing Overhead Beg. bal. Beg bal End. bal. End, bal